Middle East & Africa Aviation Leasing Market Size and Competitive Analysis by 2030
Middle East & Africa Aviation Leasing Market Forecast to 2030 - Regional Analysis by Leasing Type (Dry Leasing, Wet Leasing, and Damp Leasing) and Aircraft Type (Narrow Body, Wide Body, and Regional Aircraft)
Historic Data: 2021-2022 | Base Year: 2023 | Forecast Period: 2024-2030- Status : Published
- Report Code : TIPRE00029928
- Category : Aerospace and Defense
- No. of Pages : 107
- Available Report Formats :
The Middle East & Africa aviation leasing market is expected to grow from US$ 19,973.04 million in 2023 to US$ 29,214.98 million by 2030; it is estimated to register a CAGR of 5.6% from 2023 to 2030.
The coordination among the governments, their civil aviation authorities, and regional associations contribute to efficient operations in the aviation sector. Major entities in the region include International Air Transport Association (IATA), African Airlines Association (AFRAA), African Civil Aviation Commission (AFCAC), Arab Air Carriers Organization (AACO), International Civil Aviation Organization (ICAO-MID, ESAF, and WACAF), airports, air navigation service providers and other regional airline associations. These entities are focused on providing efficient services to boost the aviation sector in the region. In June 2020, AFRAA announced a strategic partnership with ACC Aviation Group, the leading aviation service provider. With this partnership, ACC Aviation Group lends its expertise to AFRAA for various services such as aircraft charter and aircraft, crew, maintenance, and insurance (ACMI) leasing; strategic consultancy; and asset management. This strategic partnership supported the development of Africa's aviation industry and propels Middle East & Africa aviation leasing market growth.
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Middle East & Africa Aviation Leasing Market: Strategic Insights
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Market Size 2023
US$ 19,973.04 Million -
Market Size 2024-2030
US$ 29,214.98 Million
Market Dynamics
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Regional Overview
- Middle East and Africa
Market Segmentation
Leasing Type
- Dry Leasing
- Wet Leasing
- Damp Leasing
Aircraft Type
- Narrow Body
- Wide Body
- Regional Aircraft
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Impact of COVID-19 Pandemic on Middle East & Africa Aviation Leasing Market
The COVID-19 pandemic significantly impacted the Middle East & Africa aviation leasing market. Prior to the pandemic, the industry was experiencing an increase in air travel and transport, due to which the MEA region was seeing huge traffic of passenger airlines and cargo airline transports across the region. However, the restrictions imposed by the governments to curb the spread of the virus resulted in a halt in the airline industry. The Republic of South Africa imposed stringent regulations on air travel during the initial phase of the pandemic in Q1 of 2020. However, the Republic of South Africa opted for a more flexible approach in the later period, which helped revive the economic impact of the COVID-19 pandemic on country markets in the MEA.
According to the International Air Transport Association (IATA), the total passenger traffic declined in the region by 93.7% in Africa and 95.5% in the Middle East. However, according to IATA, the MEA showed signs of improvement in air passenger traffic, with the resumption of domestic flights in May 2021, which recovered 60% of the traffic volume. Also, in 2021, Dubai Aerospace Enterprise (DAE) Ltd saw a decline in revenue compared to the previous year; this shows the aviation sector was still in the recovery phase during this period. However, it is expected to recover fully and achieve the pre-COVID level by 2024.
Middle East & Africa Aviation Leasing Market Insights
Collaboration between airlines and original equipment manufacturers (OEMs) is essential to support green initiatives. One example of such collaboration is Pratt's development of the PurePower Geared Turbofan engine family. This product line is designed to offer environmentally conscious solutions for the aviation industry. By developing fuel-efficient engines, OEMs contribute to reducing carbon emissions and advancing sustainable practices in the industry. Adopting NextGen aircraft is another key trend driving fleet modernization in leasing. NextGen aircraft feature advanced technologies, improved fuel efficiency, and reduced emissions compared to older aircraft models. Leasing companies and airlines increasingly opt for these modern aircraft to enhance operational efficiency and reduce their carbon footprint. In 2023, Odys Aviation's participation in the NextGen FDI program highlighted the program's success in attracting high-tech companies and fostering economic growth in the Middle East. By embracing innovative technologies and sustainable practices, the UAE continues to position itself as a leader in the advanced manufacturing sector while creating job opportunities and driving the development of the low-carbon aviation industry. Projects such as NextGen and government initiatives are helping for Middle East & Africa aviation leasing market growth.
Aircraft Type-Based Middle East & Africa Aviation Leasing Market Insights
Based on aircraft type, the Middle East & Africa aviation leasing market is segmented into narrow body, wide body, and regional aircraft. In 2022, the narrow body segment held the largest Middle East & Africa aviation leasing market share as their ability to operate at airports with shorter runways or limited infrastructure makes them attractive for airlines serving smaller or remote destinations.
The Middle East & Africa aviation leasing market is segmented based on leasing type, aircraft type, and country. Based on leasing type, the MEA aviation leasing market is segmented into dry leasing, wet leasing, and damp leasing. Based on aircraft type, the MEA aviation leasing market is segmented into narrow body, wide body, and regional aircraft. By country, the Middle East & Africa aviation leasing market is segmented into Saudi Arabia, the UAE, South Africa, Qatar, and the Rest of Middle East & Africa.
Avilease, Abl Corporation, Novus Aviation Capital, Dubai Aerospace Enterprise (Dae) Ltd., Alafco Aviation Lease and Finance Co., Sahara African Aviation, Fair Aviation, Global Aviation Operations, and Acia Aero Leasing are among the key Middle East & Africa aviation leasing market players operating across the region.
The Middle East & Africa aviation leasing market players adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key Middle East & Africa aviation leasing market players are listed below:
- In May 2023, Novus Aviation concentrated on creating sustainable aviation fuel (SAF). SAF One intends to help IATA's objective to reduce carbon emissions and create a circular economy by offering dependable and cost-effective SAF solutions to the aviation sector.
- In December 2021, SMBC Aviation Capital announced the acquisition of Goshawk Management Ltd and associated corporate assets. The acquisition made the company the second-largest global player in terms of the number of aircraft and the largest Japanese-owned aircraft lessor.
Middle East & Africa Aviation Leasing Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 19,973.04 Million |
| Market Size by 2024-2030 | US$ 29,214.98 Million |
| CAGR (2023 - 2030) | 5.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2030 |
| Segments Covered |
By Leasing Type
|
| Regions and Countries Covered |
Middle East and Africa
|
| Market leaders and key company profiles |
|
Frequently Asked Questions
2. Presence of Major Aircraft Leasing Companies in MEA
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
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